The primary aim of our financial policies is to bolster WACKER’s financial strength. The focal task is to sufficiently cover the financial needs of our operational business and investment projects. Organized centrally, the Group’s financial management experts are responsible for cash management and financing, as well as hedging against currency and interest-rate risks. A groupwide financial regulation sets out tasks and responsibilities.
As of December 31, 2009, financial liabilities rose by 61.4% or €167.3 million. Net financial liabilities were €76.1 million on the reporting date. Aside from the financial liabilities stated in our assets report, we have sufficient unused credit lines. WACKER has a commitment from the European Investment Bank (EIB) for a long-term investment loan of €400.0 million. As yet unused, this loan is earmarked for the construction of a polysilicon production plant at Nünchritz. In the year under review, long-term-maturity loans of €180.0 million were placed on the market. This helps us to continue financing our future investments. The Group does not use any off-balance-sheet financial instruments.